NEWS ARCHIVE

EMERGING FUEL CELL COMPANY LAUNCHES MASS PRODUCTION OF INNOVATIVE FUEL CELLS WITH RIBBON CUTTING CEREMONY

ROBERSONVILLE, N.C., October 22, 2007 - Leaders of Microcell Corporation, an innovation company producing revolutionary fuel cell technology, will gather at its manufacturing facility in Robersonville, N.C. on Monday with federal, state and local elected officials to formally launch the mass production of these fuel cells with a ribbon cutting ceremony.

Microcell was founded in 2000 by Ray Eshraghi, a former Advanced Energy employee who had independently researched the technology for years. (Advanced Energy is a nonprofit corporation that helps utility, industrial and residential customers improve the return on their energy investment). In its formative years, Microcell's employees conducted extensive research and development to produce a cylindrical fuel cell through an extrusion-based scalable process for cost-effective, large-scale production. "Achieving this technical milestone confirms Microcell's ability to meet large, multi-kW power requirements," said Eshraghi, now Microcell's president and chief executive officer. Eshraghi continued, "The ribbon cutting ceremony at our manufacturing facility showcases our ability to mass-produce cost-efficient fuel cells proving we have successfully embarked on a journey employing practical alternative energy applications to meet the needs presented in a carbon constrained world."

"This investment represents Dominion's commitment to environmentally clean energy technology. Fuel cells have great potential to benefit our customers and we want to do our part to help accelerate its commercial development," said Jay L. Johnson, president and chief executive officer of Dominion Delivery, the unit of Dominion that delivers electricity and natural gas to about 4 million retail franchise customers.

Fuel cells are electrochemical devices that convert chemical energy directly into electrical energy. Unlike batteries, which convert chemical energy stored within the battery, fuel cells continue to deliver electrical energy as long as fuel is supplied. Hydrogen is one of the primary fuel sources for fuel cells and when operated with hydrogen, the only byproducts of fuel cells are heat and clean water. This technology will not only help reduce green house gas emissions, but it will also help decrease our dependence on foreign oil.

The Microcell design takes all of the components of a traditional fuel cell and creates a fiber with all of those same components. These fibers, called microcells, are bundled together to form unicells; unicells are then inserted into a fuel cell unit. The extrusion process dramatically reduces the cost and time required to manufacture fuel cells, and the removable and replaceable unicells make repairing and maintaining these fuel cells an efficient process, a characteristic that traditional fuel cells lack.

Congressman G. K. Butterfield, a member of the House Energy and Commerce Committee, said that this important project will provide an economic boost for the region as well as fulfill a national need for alternative energy sources." America's belief in technology and innovation has been the foundation for successfully building the world's most diverse, resilient and vibrant economy," Butterfield said. "So it's exciting that Microcell will be moving forward with a viable, long-term alternative energy source right here in eastern North Carolina."

Since Microcell began its research and development in 2000, many companies, including North Carolina Electric Membership Corporation, Progress Energy, Duke Energy and Dominion North Carolina have discovered the value of Microcell's technology and have invested in the company. Bob Goodson, a board member of Advanced Energy, chairman of NC GreenPower and COO of North Carolina electric cooperatives- owned EMC Technologies and TSE Services said, "This is a forward-looking technology that we wanted to support." Goodson continued, "This is an opportunity for a practical alternative energy source that could come online very quickly."

A partnership with the Edgecombe-Martin County Electric Membership Corporation and the Martin County Economic Development Corporation resulted in a beneficial strategic alliance as well as a zero interest loan to provide resources to help Microcell establish its manufacturing facility in Martin County.

Microcell is the world leader in proton exchange membrane (PEM) microfiber fuel cells that operate on a cylindrical platform for applications ranging from back-up power to automotive. The company's extrusion-based scalable process for cost-effective, large-scale production distinguishes it from other fuel cell technologies.

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DOMINION INVESTS IN MICROCELL CORPORATION

RALEIGH, N.C., August 7, 2007 - Microcell Corporation, a fuel cell company, announced today that Dominion (NYSE: D), has made an investment in the company.

"We are pleased to add Dominion to our list of utility partners and we look forward to working with them as Microcell prepares for product commercialization," said Ray Eshraghi, President and Chief Executive Officer of Microcell.

Terms of the investment were not disclosed.

Microcell is the world leader in proton exchange membrane (PEM) microfiber fuel cells that operate on a cylindrical platform for applications ranging from back-up power to automotive. The company's extrusion-based scalable process for cost effective large-scale production distinguishes it from other fuel cell technologies.

The company, headquartered in Raleigh and with an 80,000 square foot manufacturing facility in Robersonville, has existing partnerships with Pepco Holdings Inc., Progress Energy, North Carolina Electric Membership Corporation and Duke Energy.

Dominion (NYSE: D) is one of the nation's largest producers of energy. The company's asset portfolio consists of about 26,500 megawatts of power generation, 6,000 miles of electric transmission, and 7,800 miles of natural gas pipeline and the nation's largest natural gas storage system. Dominion also serves retail energy customers in 11 states. Corporate headquarters are in Richmond, Va.

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MICROCELL TO OPEN 80,000 SQ. FT. FUEL CELL MANUFACTURING PLANT IN EASTERN NORTH CAROLINA

RALEIGH, N.C., February 5, 2007 - Microcell Corporation announced today that they have finalized an agreement with the Martin County Economic Development Corporation for an 80,000 square foot (7400 m2) fuel cell manufacturing facility in eastern North Carolina. The facility is expected to bring over 100 jobs to the area. The company's headquarters, including research & development, will remain in the Research Triangle Area.

Located in Robersonville, the facility, equipped with clean room production areas, will focus on manufacturing the company's automotive and distributed generation fuel cells to meet product orders from its strategic partners and other customers. "Microcell is moving beyond research and development and is preparing for product commercialization. We anticipate the need for environmentally clean energy technologies to significantly increase in the next decade. Microcell projects to be a major player in this field." said Andrew Williams, Microcell CFO. "We are delighted to take this next step with the support of Martin County and our strategic partners."

One of the company's strategic partners, North Carolina Electric Membership Corporation, assisted the company in identifying the location in Martin County. "The North Carolina Electric Cooperatives support Microcell and are pleased to help bring a leading edge technology company and new jobs to eastern North Carolina," said Randy Brecheisen, President and CEO of Piedmont EMC and a Microcell Board Member.

At the center of the company's technology is the "microcell" design concept. Its extrusion-based scalable process for cost effective large-scale production, and the plug and play core technology distinguishes it from other fuel cell technologies. It incorporates all the critical components of a planar Proton Exchange Membrane (PEM) fuel cell in a single fiber ('microcell'). The microcell is around 500 - 1000 micrometers in diameter and produced via an automated extrusion process.

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MICROCELL CORPORATION DELIVERS FIRST 1KW AUTOMOTIVE FUEL CELL CORE

RALEIGH, N.C., January 4, 2007 - Microcell Corporation announced today that they have delivered the first 1 kW fuel cell core for automotive applications based on its novel microfiber architecture. A fuel cell "core" is a cluster of smaller, easily removable, tube-like fuel cell units with integrated current collection and heat exchange systems. "This first generation automotive fuel cell core packs an unprecedented cathode surface area of approximately 3300 cm2 in a volume of one liter," said Ray Eshraghi, Microcell's President and Chief Executive Officer. "This translates into highly compact fuel cells for automotive applications." The design and construction of larger 50-100 kW units will be based on the modularity of these fuel cell cores.

"Microcell is honored to dedicate this first 1 kW core to the late Dr. Robert Beyerlein of the National Institute of Standards and Technology", said Eshraghi. "Dr. Beyerlein was the Advanced Technology Program manager who nurtured and supported Microcell in the early stages of its technology development."

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PROGRESS ENERGY INVESTING $1 MILLION IN ALTERNATIVE ENERGY TECHNOLOGY

RALEIGH, N.C., December 19, 2005 - As Progress Energy embarks on an aggressive building campaign to meet growing electricity needs in the Carolinas and Florida, the company is also focused on future energy sources. Today, Progress Energy announced a commitment of $1 million to Microcell Corp., a Raleigh-based company working to bring commercially available fuel cell applications to industrial, commercial and consumer markets.

"The future of energy and electricity is bounding with possibilities and untapped resources, and Progress Energy will continue to be involved in researching and demonstrating promising new technologies," said Fred N. Day, Progress Energy Carolinas president and CEO. "Our company is committed to ensuring a reliable and efficient supply of electricity for our customers now and in the future." Day is a member of the Microcell Corp. board of directors.

The heart of a fuel cell is an electrolyte (a substance that conducts ions) sandwiched between two layers of catalyst (a chemical substance that increases the rate of a reaction without being consumed). The Microcell fuel cell is a proton-exchange membrane (PEM) converted to the form of a microfiber. It differs from other fuel-cell designs (in that all the fuel cell components are extruded into a single microfiber) and shows promise for its potential to be mass-produced more efficiently than other designs.

One potential application for fuel cells is in operating distributed generation, or power plants located on or near the customer's property. The technology also has potential applications in the automotive industry, including the ongoing development of hybrid gasoline/hydrogen vehicles.

While any widespread consumer application of fuel cell technology is likely years away, increased research and development - as well as active pilots and demonstrations - help to accelerate the process.

Progress Energy has long supported research and development of electrical technologies through its membership in the Electric Power Research Institute. The company has been involved in a number of hydrogen-related initiatives in Florida, including hydrogen-fueled vehicle demonstrations, fueling stations and the use of hydrogen fuel cells to provide electricity for various uses.

Microcell Corporation is a privately owned, for-profit "c" corporation incorporated in 2000. The company was initially funded by the Advanced Energy Corporation. While capable of producing the world's smallest fuel cell, Microcell's focus is currently on the production of fuel cells for distributed generation and automotive applications. The company has developed its first fuel cell cores designed for 1-kilowatt units, and testing is under way.

Progress Energy (NYSE: PGN), headquartered in Raleigh, N.C., is a Fortune 250 diversified energy company with more than 24,000 megawatts of generation capacity and $9 billion in annual revenues. The company's holdings include two electric utilities serving more than 2.9 million customers in North Carolina, South Carolina and Florida. Progress Energy also includes nonregulated operations covering competitive generation, energy marketing, natural gas production and fuel extraction. Progress Energy is the 2005 recipient of the prestigious J.D. Power and Associates Founder's Award for dedication, commitment and sustained improvement in customer service. For more information about Progress Energy, visit the company's Web site at http://www.progress-energy.com.

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NOVEMBER 1, 2005

Microcell Corporation is pleased to announce that Andrew W. Williams, previously the Senior Vice President and Chief Financial Officer of Pepco Holdings, Inc. (PHI), has joined Microcell as its Chief Financial Officer. PHI is the parent company of Potomac Electric Power Company, Delmarva Power, and Atlantic City Electric, Conectiv Energy, and Pepco Energy Services serving 1.8 million customers in the mid-Atlantic region. Mr. Williams holds a bachelor of science degree in nuclear engineering from North Carolina State University and a master of business administration from Loyola College of Baltimore, Maryland.

Prior to joining Microcell, Mr. Williams held numerous executive positions at Potomac Electric Power Company including Director of Rate and Economic Analysis, Vice President of Energy Policy and Development, Vice President of Energy and Market Policy and Development, Group Vice President of Transmission and Marketing, and Senior Vice President and Chief Financial Officer of PHI in 2001.

He was elected Senior Vice President and Chief Risk Officer in 2004, a newly created position at PHI reflecting current best business practices and the company's enhanced focus on corporate governance. He was responsible for integrating the assessment of business risk into corporate wide strategic planning and ensuring that appropriate mitigation strategies are in place for all potential risks.

Prior to joining Potomac Electric Power Company, Mr. Williams worked for the North Carolina Utilities Commission Staff.

Mr. Williams is a member of the Edison Electric Institute (EEI) Finance Committee and EEI's Transmission Subject Area Committee. He is past Chairman of EEI's Economics, Public Policy and Strategic Planning Executive Advisory Committee; past Chairman of the Southeastern Electric Exchange Accounting, Customer Billing and Finance Committee; and a past member of EEI's Budgeting and Financial Forecasting Committee. He has also served as Potomac Electric Power Company's representative on and is former Chairman of the PJM Interconnection's Members Committee.

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MICROCELL RECEIVES CRYSTAL FLAME INNOVATION AWARD FOR ENTREPRENEURSHIP

MAY 11, 2005 - At the 2005 FuelCellSouth Conference held in Columbia, South Carolina, Microcell was presented with this year's Crystal Flame Award for Entrepreneurship. Nominated for this award by members of the southeast fuel cell industry, Microcell was chosen by a panel of industry analysts, researchers and capital investors based on key criteria centered on innovation and potential market impact.

Present to receive the award was Ms. Elizabeth Rehbock, Vice President and Chief Administrative Officer. "We are honored to receive this award from FuelCellSouth in recognition of the five years of hard work and dedication it has taken to bring our technology to this level. Our employees appreciate the acknowledgement of their efforts by the fuel cell industry in our region."

For additional information on FuelCellSouth, please visit their website at www.fuelcellsouth.com.